Use the Table Below to Answer the Following Question

question 3

Multiple Choice

Use the table below to answer the following question.
Table 15.3.1

-Consider the game shown in Table 15.3.1 based on potential gas prices between two competitors. The game is played repeatedly and the result is a cooperative equilibrium. The payoffs in the table show the economic profit of the firms. The most likely outcome is

• A)a cycle of first $0.95/litre, then $1.15/litre, etc.
• B)Hare sets her prices at $1.15/litre, and Turtle sets his at $0.95/litre.
• C)Hare sets her prices at $0.95/litre, and Turtle sets his at $1.15/litre.
• D)both set their prices at $1.15/litre.
• E)both set their prices at $0.95/litre.

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Definitions:

New Species

A group of organisms that has evolved distinct characteristics, making it different from other previously identified species.

Beetle

Insect belonging to the order Coleoptera, distinguished by their hard exoskeletons, wing cases (elytra), and wide variety of sizes and colors, making them one of the most diverse groups of insects.

Classification

The organizing of living organisms into categories based on shared characteristics or evolutionary history.

Evolutionary Relationships

The connections between different species or groups of organisms based on their common ancestry and evolutionary history.